Category: Uncategorized

Managing healthcare costs can feel like deciphering a complex code. Three acronyms frequently pop up: HSAs, HRAs, and FSAs. But what exactly do they mean, and which one is right for you? Let’s break down these accounts and explore how they can help you save on qualified medical expenses. Understanding the Accounts: Who Can Use…

In today’s world of complex health insurance options, High Deductible Health Plans (HDHPs) have become increasingly popular. But with a name like “high deductible,” it’s natural to have questions. Let’s break down the basics of HDHPs: What is an HDHP? An HDHP is a health insurance plan with a higher deductible than traditional plans. This means you…

Final Forms and Instructions for 2023 ACA Reporting Released The IRS has released final 2023 forms and instructions for reporting under Internal Revenue Code Sections 6055 and 6056: No major substantive changes were made to the final forms and instructions for 2023 reporting. However, the 2023 instructions include information on the new electronic filing threshold…

The connection between employee wellness and the benefits of the job might seem obvious. But the conversation should be more nuanced than merely a discussion about health insurance, access to mental healthcare like employee assistance programs (EAPs), and well-being apps to reach zen. Indeed, Human Resources professionals must reconsider their definition of benefits. It must extend to all the pros of…

Not understanding benefits terminology is near the top of the list of ways that open enrollment and benefits selection can stress you out.  Open enrollment is coming quickly and soon you will be talking about benefit options. The world of benefits and insurance can be confusing. In-network, out-of-network, deductibles, co-pays and co-insurance? What? Let us…

As the flu and RSV season gets underway, companies are asking themselves how they can support employees who need to stay home to care for their children.  In fact, last October, 104,000 Americans missed work because of “childcare problems” – the highest total since the Bureau of Labor Statistics began tracking the figure in 2003.  Although that…

Artificial intelligence, including so-called “large language models” like ChatGPT, has rapidly become a major talking point in the press, amongst governments, and maybe even in your office! While AI has been a subject in the background for decades, everyday web users can now engage with AI like never before.   But whenever there is a sea…

Highlights: Each year, Medicare Part D requires group health plan sponsors to disclose to individuals who are eligible for Medicare Part D and to the Centers for Medicare and Medicaid Services (CMS) whether the health plan’s prescription drug coverage is creditable. Plan sponsors must provide the annual disclosure notice to Medicare-eligible individuals before Oct. 15, 2023—the…

For millions of Americans, the end of the year is open enrollment season – a yearly opportunity to take stock of your health care needs and select the health insurance plan that works best for you.  It is a window of time – typically in the fall – when you can sign up for health…

In the U.S., the outstanding balance is $1.75 trillion in student loan debt.  Approximately 55% of students from public four-year universities have student loans, with a balance of $37,338 owed per borrower.  Beginning in October, workers nationwide will need to resume payments on their student loans for the first time since March 2020.  The pandemic-related pause on both…